Activist Elliott has unfinished business at Phillips 66. How its plan to build value may unfold

1. Elliott Management plans to streamline PSX's conglomerate structure. 2. Activist investor proposes selling midstream assets, estimating $40-45B value. 3. Current operational performance is underwhelming with rising OPEX per barrel. 4. Elliott's strategy may boost PSX share price to $200-$300 if executed. 5. Increased oversight could enhance management accountability and performance.